Weatherly International PLC Rescheduling of repayment (6045X)

TIDMWTI

RNS Number : 6045X

Weatherly International PLC

23 February 2017

23 February 2017

Weatherly International plc (AIM:WTI)

("Weatherly" or "the Company")

Rescheduling of repayment

Debt Financing and rescheduling of repayments

Weatherly announces that it has formally concluded a further amendment and restatement agreement with Orion Mine Finance (Master) Fund I LP ("Orion") in relation to the facility agreement between Orion and the Company's subsidiary Ongopolo Mining Limited (the "Amended Facility").

Under the Amended Facility, the first repayment of Facility B and the repayments of Facility C and Facility D all of which were due on 28 February 2017 have all been deferred to 30 April 2017 and interest accruing on the loan made under Facility B, Facility C and Facility D shall be added to the remaining outstanding loan balances. Orion also agrees effective until 30 April 2017, to limit its acceleration and enforcement rights during this period on the terms set forth in the Amended Facility. No additional fees have been charged for this amendment to the Facility agreement and there are no changes to the offtake agreement.

The remaining repayment dates of Facility B remain unchanged. Facility B is due to be repaid in 13 equal quarterly instalments with the first repayment now due on 30 April 2017, the second repayment due on 31 May 2017, and the final repayment due to be paid on 29 February 2020.

For further information please contact:

   Weatherly International plc                                             [phone] 

Craig Thomas, Chief Executive Officer

Kevin Ellis, CFO and Company Secretary

   RFC Ambrian Limited                                                       [phone] 

(Nominated Adviser & Broker)

Nominated adviser contact: Stephen Allen / Bhavesh Patel

Broker contact: Kim Eckhof

Blytheweigh [phone]

(Financial PR) Tim Blythe / Camilla Horsfall / Nick Elwes

About Weatherly

Weatherly is an AIM listed copper mining company operating in Namibia in southern Africa. Its principal assets are one operating open pit copper mine called Tschudi and two underground copper projects called Otjihase and Matchless.

These assets will enable Weatherly to achieve its medium term goal of establishing a mining business capable of sustaining approximately 30,000 tonnes per annum of copper production.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 23, 2017 02:00 ET (07:00 GMT)